Aeon has announced its purchases of a 30 percent stake in Fivimart, and a 49 percent in Citimart, two major retail chains in Vietnam, The Japan Times reported Wednesday.
Fivimart now operates 20 stores in Hanoi, while Citimart runs 27 stores, mainly in Ho Chi Minh City, it said.
Speaking to local media the same day, the Vietnamese retailers confirmed the purchases, but refused to reveal details.
The partnerships between Aeon and the local outlets were first reported in the media late last year, but no stake purchases were mentioned.
At that time a Citimart’s representative told the press the chain would be renamed to “Aeon Citimart,” and sell Aeon’s Topvalu products
In exchange, the Japanese retailer would help Citimart develop a new brand and control product quality.
Aeon opened its first shopping mall here in January last year in HCMC, and another one in the neighboring province of Binh Duong.
It planned to open the third mall in Hanoi this year.
Aeon considers Vietnam its second most important market in Southeast Asia after Malaysia. It has planned to open 200 stores across the country, and increase sales to 100 billion yen (US$6.78 billion), according to The Japan Times.